LONDON (ShareCast) - (Sharecast News) - Record's share price jumped on Friday after the specialist currency and asset manager said full-year revenues would be ahead of market forecasts following a solid third quarter.
The company said it generated an additional £1.3m in performance fees during the three months to 31 December due to greater currency volatility during the period. This brings performance fees for the first three quarters combined to £2.9m.

Assets under management fell to $100.5bn by the period-end, down from $106bn three months earlier, with net flows broadly unchanged and FX movements having a $4.9bn adverse impact.

The FX change was driven by the strengthening of the US dollar against the Swiss franc - the currency in which the majority of Record's AUM is denominated.

"With management fee expectations for the full year unchanged and with £2.9m of performance fees recognised for the nine months ending 31 December 2024, we now expect revenue to be slightly ahead of previous expectations," said chief executive Jan Witte.

The stock was up nearly 9% at 51.62p by 0857 GMT.

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